Hilco Real Estate Completes Another Successful Online Auction of Properties in New Orleans for the New Orleans Redevelopment Authority (NORA)
As part of its continuing series of successful auctions, Hilco Real Estate, LLC, facilitated the sale of an additional 105 structures and development lots on behalf of the New Orleans Redevelopment Authority (NORA) on May 13 and 14 in another online-only auction generating over $2.29 million in sales. Each property had a minimum bid price of $3,500 and all sites that received the required minimum bid will be sold to the highest bidder.
Highlights of the auction included a structure on Touro Street in the St. Anthony neighborhood that sold for $126,000, a structure on St. Ann Street in the Treme area that sold for $111,500 and a number of sites located in the Lower Ninth Ward and New Orleans’ east areas that sold between $15,000 to $24,000. Bidders were required to provide initial deposits of $3,500 per property in order to bid. After the auction conclusion, sale contracts were immediately delivered electronically to the buyers and closings were successfully completed June 13, 2019. The Hilco Real Estate team was led by Fernando Palacios, the company’s Mid-Atlantic regional broker and managing director, and Paul A. Lynn, CCIM, a senior project consultant, Louisiana real estate broker and licensed Louisiana auctioneer. Over 275 bidders registered to bid in this year’s online auction event and a total of 1,900 bids were placed by participants.
Over the last five years, Fernando Palacios and Paul A. Lynn, CCIM, have auctioned over 1,400 properties, generating over $60 million in sales for various public housing authorities and governmental agencies in multiple states.
This auction represents a continued series of auction sales events conducted by Hilco Real Estate, LLC, for properties owned by NORA that were impacted by Hurricane Katrina.
“These auctions are part of our continuing effort to place properties back into commerce throughout the city. The auctions serve as another tool in the ongoing effort of rebuilding New Orleans and our neighborhoods," said Brenda Breaux, executive director of NORA.
Fernando Palacios, Mid-Atlantic regional broker and managing director with Hilco Real Estate, stated, “Hilco Real Estate is pleased to continue to partner with NORA through these programs. The auction events are a very effective, transparent process in determining today’s true market value for this diverse group of properties throughout New Orleans.”
NORA requires that buyers build or rehabilitate the purchased properties within 365 days of closing, in accordance with all required building ordinances and codes.
The next NORA auction event is planned for Spring 2020. To be notified of future Hilco Real Estate and NORA auctions, sign up for update emails at Hilco Real Estate's website or NORA's website. To view additional offerings, please visit Hilco Real Estate’s property listings webpage where new listings are added monthly.